Procurement, which plays a major role in many businesses, is a process that includes the buying of goods or services. For many companies, especially relatively large companies, procurement may be a tedious process including a number of steps, many of which may be performed manually. As a result, those involved in the procurement process may limit the number of suppliers invited to participate in the process, thus reducing the competition that drives down prices. In addition, and particularly when a high volume of different goods or services are sourced, the use of multiple sourcing is avoided to reduce complexity of the process. Further, those involved in procurement may lose track of when an agreement with a supplier should be renegotiated.
As should be appreciated, there is a continuing need to improve the procurement process, and more particularly the sourcing component of the procurement process, by reducing complexity, improving quality and achieving efficiencies. The present disclosure is directed to such an endeavor.